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Stella Vista Technologies Limited - Results For The Year Ended 31 August 2002
Release Date: 28/11/2002 17:05:05 Code(s): SLL
Stella Vista Technologies Limited - Results for the year ended 31 August 2002
Stella Vista Technologies Limited ("Company")
(Incorporated in the Republic of South Africa)
(Registration number 1996/000172/06)
Share code: SLL ISIN code: ZAE000018198
Results for the year ended 31 August 2002
Summarised group balance sheet
Reviewed Audited
31 Aug 02 31 Aug 01
R`000 R`000
ASSETS
Non-current assets
Property, plant and 1 587 1 299
equipment
Non-current 1 510 6 237
receivables
Deferred taxation 2 859 390
asset
5 956 7 926
Current assets
Inventories 18 290 25 946
Receivables 4 374 2 273
Cash and cash 15 878 5 424
equivalents
38 542 33 643
Total assets 44 498 41 569
EQUITY AND
LIABILITIES
Capital and 13 983 21 976
reserves
Non-current
liabilities
Interest-bearing 9 192 12 298
borrowings
Current liabilities
Payables 20 776 5 840
Provisions and 56 46
other payables
Current tax 491 1 409
liabilities
21 323 7 295
Total equities and 44 498 41 569
liabilities
Summarised group income statement
Reviewed Audited
year ended year ended
31 Aug 02 31 Aug 01
R`000 R`000
Revenue 19 589 33 136
Operating (8 784) 3 948
(loss)/profit
(after charging)
- Depreciation 570 670
- Operating rentals 992 603
Net interest paid (1 014) (1 075)
Net (loss)/profit (9 798) 2 873
before taxation
Taxation 2 226 (1 098)
Net (loss)/profit (7 572) 1 775
after taxation
Headline and basic
(loss)/earnings
per share (cents) (5,41) 1,27
Summarised group
cash flow
Cash flow from 1 970 (645)
operating
activities
Cash flow from (754) 11
investing
activities
Cash flow from 9 257 (446)
financing
activities
Increase/(Decrease)
in cash and
cash equivalents 10 473 (1 080)
Group statement of
changes in equity
Capital and
reserves at the
beginning
of the year 21 976 20 333
Net (loss)/profit (7 572) 1 775
for the year
Movement in foreign
currency
translation reserve (421) (132)
Capital and 13 983 21 976
reserves at the end
of the year
Accounting standards
The same accounting standards and policies as used by the group in the previous
financial year have been applied. These practices are in compliance with South
African Statements of Generally Accepted Accounting Practice.
The above results have been reviewed by the company`s auditors,
PricewaterhouseCoopers Inc and the review opinion is available at the company`s
registered office.
The Company
Stella Vista is a world leader in design of mass communication systems,
specialising in LED (light-emitting diode) technology that finds its application
in large screen video, text and graphics messaging displays, advertising,
scoreboards, entertainment, video replay in sports stadiums and flight
information displays at airports.
The company focuses on providing turnkey solutions by the integration of
application and location specific designs and the development of software to
complement the displays and processes.
The Market
The year under review has been difficult for most of the technology market, both
locally and internationally. We have indicated previously that the size of the
local market is unlikely to increase significantly over the medium term;
however, special events like the Cricket World Cup present significant short-
term opportunities.
For this reason, Stella Vista has identified the international market as the
target for expansion. Inability to raise extra funds to finance this expansion,
due to current market conditions, has slowed the group down in this endeavour.
However, we are confident that we will achieve our goal of using the local
market as a springboard to demonstrate our ability to complete even the most
demanding projects to our clients` absolute satisfaction. As our industry
matures, there is strong evidence that knowledgeable customers worldwide are
asking for more quality and reliability, and our track record proves we are near
the top of the list in this regard.
Results
Income statement
Due to the general slump in the local market, turnover declined by 41% compared
to the previous year. However, we were able to improve our gross profit margin
due to significant reductions in the prices of major imported components.
These price decreases and changes in technology required an impairment charge of
R8m to reflect the net realisable value of inventory on hand. A major customer
was forced to cease its operations during the financial year. Stella Vista
repossessed the display screens, resulting in a write-off of R1,1m.
Sales to the value of R7,5m to a related party, Powerview (Pty) Ltd, a company
owned by the directors, is included in revenue. These transactions were carried
out at market related terms and conditions.
Balance sheet
Interest-bearing borrowings are used to fund non-current assets and repossessed
stock by way of a discounting facility negotiated with our bankers.
The decrease in inventory is mainly due to the reduction in cost of imported
components.
Products and Services
Stella Vista has made a significant expansion in its products and service
offering. We have completely revamped our flagship Titan display range, with the
first display of the new T14 type to be installed at some of South Africa`s
cricket stadiums ahead of Cricket World Cup 2003. We have also designed a
completely new line of displays - LB series - to be used for simple text and
graphics messaging, as well as sports scoreboards. The first models have been
installed at the Wanderers and Centurion cricket stadiums. To satisfy the ICC
Cricket World Cup contract, our offering had to expand to include a whole new
range of services that mostly relate to provision of new software as well as
system integration which will bring us closer to our goal of providing turnkey
solutions in the visual mass communications market.
Prospects
Based on information available at the date of this statement management can
report that:
- The ICC Cricket World Cup contact for the supply of scoring software,
scoreboards and rental of video replay screens was awarded to Stella Vista.
The contract will be completed by mid April 2003.
Confirmed order backlog at the end of the 2002 financial year was approximately
R28m.
On behalf of the Board
R H Burke M Tabakovic
Chairman Chief Executive Officer
28 November 2002
Directors: R H Burke* (Chairman), M Tabakovic (Chief Executive Officer), S
Radman, D Tabakovic, A A Coulson*, C Livingstone* (*non-executive)
Date: 28/11/2002 05:05:00 PM Produced by the JSE SENS Department
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